CBIC through recent Notification dated 13th July 2022 has brought more clarity on applicability of GST under forward charge or Reverse Charge Mechanism (RCM) to avoid confusion in the mind of recipient when he should pay GST under RCM. Let us first understand the concept of GTA. Good Transport Agency (GTA) means any person who …
In Tax Audit Report, Clause 44 of Form 3CD requires to report Break-up of Total Expenditure of entities registered or not registered under GST in the following format. Sl. No Total amount of Expenditure incurred during the year Expenditure in respect of entities registered under GST Expenditure relating to entities not registered under …
47th GST Council meeting held on 28th & 29th June 2022 comes with a new proposal which says GST will be applicable on pre-packed and Labeled Pack of Food Items at the rate of 5% from 18th July 2022. The same has been notified through Notification No. 06/2022-CT (Rate) dated 13th July 2022. This proposal …
The Hon’ble Supreme recently (on 22nd July 2022) has disposed off SLP filed by the Union of India to review various judgements given by the Hon’ble High Courts, wherein judiciary had allowed relief to the taxpayers for filing of TRAN-1 / TRAN-2 form even after the due dates. The relief was granted owning to dysfunctional …
Watch now Webinar on ‘Impact of GST council meeting and subsequent changes thereto’ by Bizsolindia Services Pvt. Ltd.
Post the recent amendment in GSTR-3B, the government has issued one letter seeking public comments on further amendment in GSTR-3B. To read proposed changes in GSTR-3B Please Click Here
Know Your Rights & Obligations During Investigation Under GST Law
Goods and services tax (GST) collections for the month of April 2022 rose almost 20% to reach record high of Rs 1.68 Lakhs crores. This growth in GST collection is due to increase in economic activity coupled with tighter regulations under GST. GST collections have been consistently higher than the GDP growth rate in recent …
The recent GST council meeting decisions are in news for many wrong reasons. Though it has taken some good decisions in this meeting but some of the decision like bringing in pre-packaged food grains under the GST ambit, bringing hospital room rent under the GST. The later is making lot of noise for all the …
Watch now Webinar on ‘Be Compliant Under TDS Provisions | Section194R & Section 194S of Income Tax | Do’s & Dont’s by Bizsolindia Services Pvt. Ltd.
In view of expanding ambit of TDS, Union Budget 2022-23 proposed to insert new section 194R in the Income Tax Act, 1961 to provide that the person responsible for providing to a resident, any benefit or perquisite, whether convertible into money or not, arising from carrying out of a business or exercising of a profession …
This article has been dealt independently while understanding Hon. Supreme Court decision on ocean freight in the case of M/s Mohit Minerals. Hon Supreme Court have not only dealt on the above issues, but it has gone in depth on each argument of Union Govt, who had issued the Notification No. 8/2017-Integrated Tax (Rate) dtd …
Foreign Trade Policy is announced by Ministry of Commerce and Industry which promotes, monitors and grow the trade in the international market, which also impact balance of payment. Foreign Trade Policy was notified for the year 2015-20 and it was further extended upto March’21 and thereafter, once again extended and it has been further extended …
Introduction : In 2002, the world had observed the collapse of US energy sector giant Enron Corporation when it was at the peak of business with the reputation of ‘America’s most innovative companies’ for six consecutive years by Fortune. In 2016, the world had observed a series of paper leak, known as Panama Papers, which …
As CBIC chairman has statement that now government is going to focus on department audit to ensure there is no GST revenue leakage, it is important for all companies to ensure that correct returns are submitted and figures are properly reconciled with books of account. Also there are lot of changes in GST which are …
To simplify and automate the procedures and to avoid the physical interference IGCRD Rules, 2017 are further amended vide Notification No.7/2022-Cus NT dated 1st Feb 2022 detailed as under: Amendments to Rule 3: Addition of following definitions in Rule 3 (ab) ‘Common Portal’ means the ‘Common Customs Electronic Portal’ as referred to in Section 154C …
Implementation of Goods & Service Tax (GST) w.e.f. 1st July 2017 is one of the historic moments in the Indian Economic history. When draft GST Law was prepared and thereafter in the manner GST was supposed to be made Good & Simple Tax, we need to have the reality check, whether implementor of GST, GST …
Like every year, Bizsolindia organise a Budget Webinar where the experts from the industry share the Clause By Clause Analysis. We are amongst the first to deliver such analysis to our clients.
It’s like a Dream come true for me. In 1997, it was a mea- gre beginning to provide all services under one stop re- lated to all laws. The idea was to provide all services under one umbrella and with a deep understanding of law and experience of operations, we could get associated with big …
When I recall my days when I discussed to start the consultancy with difference providing the services w.r.t. Foreign Trade Policy, Direct Tax, Indirect Tax, FEMA & all related services and not limiting to only advise but also undertaking the implementation with concept of accountability. Thereafter, not only I got the green signal from my …
